SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Eastern District of Pennsylvania on behalf of purchasers of Ocugen, Inc. (NASDAQ:OCGN) securities between February 2, 2021 and June 10, 2021, inclusive (the “Class Period”). The case is captioned Nicanor v. Ocugen, Inc., No. 21-cv-02725, and charges Ocugen and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Ocugen securities during the Class Period to seek appointment as lead plaintiff in the Ocugen class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Ocugen class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ocugen class action lawsuit. An investor’s ability to share in any potential future recovery of the Ocugen class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Ocugen class action lawsuit or have questions concerning your rights regarding the Ocugen class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Ocugen class action lawsuit must be filed with the court no later than August 17, 2021.
Ocugen is a biopharmaceutical company focused on developing gene therapies to cure blindness and developing a vaccine for COVID-19. On February 2, 2021, Ocugen announced an agreement with Bharat Biotech International Limited, a biotechnology company headquartered in Hyderabad, India, in which Ocugen obtained an exclusive right and license to grant sublicenses, to develop, manufacture, and commercialize COVAXIN™, an advanced stage whole-virion inactivated vaccine candidate/product for the prevention of COVID-19 in humans in the United States of America. Ocugen further announced that Ocugen “will be responsible for clinical development, regulatory approval (including [Emergency Use Authorization (“EUA”)] and commercialization for the US market.”
The Ocugen class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the information that Ocugen submitted to the U.S. Food and Drug Administration (“FDA”) was insufficient to support an EUA; (ii) Ocugen would not file an EUA with the FDA; and (iii) as a result, Ocugen’s financial statements, as well as defendants’ statements about Ocugen’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On June 10, 2021, Ocugen issued a press release announcing that it would pursue a biologics license application (“BLA”) with the FDA instead of the previously announced EUA. In doing so, Ocugen revealed that “[t]he FDA provided feedback to Ocugen regarding the Master File the Company had previously submitted and recommended that Ocugen pursue a BLA submission instead of an EUA application for its vaccine candidate and requested additional information and data. Ocugen is in discussions with the FDA to understand the additional information required to support a BLA submission. The Company anticipates that data from an additional clinical trial will be required to support the submission.” On this news, the price of Ocugen’s stock fell more than 28%, damaging investors.
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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